Table glassware maker Libbey Inc. said Tuesday it has tapped the former president of the Master Lock Co. to become the Toledo company’s newest chief executive officer.
Mike Bauer, 53, will replace current CEO and board chairman Bill Foley on March 25. Mr. Foley will remain as board chairman, and Mr. Bauer will become a member of the board.
“As part of Libbey’s succession planning process, which has been under way for some time, we undertook an extensive search and our board believes that Mike is the ideal candidate to succeed Bill,” said John Orr, Libbey’s lead independent board director. “Mike’s extensive experience and track record of success leading strategy, growth, and margin expansion in multichannel global consumer product organizations are a strong fit for Libbey,” he added.
Mr. Orr said that Mr. Bauer’s knowledge of finance, supply chain, marketing, manufacturing, and e-commerce will complement Libbey’s current management team and help the company leverage and expand its position as a world leader in global glass tableware.
Mr. Bauer has a degree in accounting from Cleveland State University and an MBA in Finance from Case Western University in Cleveland.
Currently residing in suburban Milwaukee, Mr. Bauer will relocate to Toledo soon and replace Mr. Foley. According to a Libbey filing with the Securities and Exchange Commission, he will receive an annual base salary of $675,000, but he is also eligible to earn a performance-based bonus under the company’s management incentive plan.
Upon taking the job, he also will receive 116,927 restricted stock shares that will vest over the next four years.
The new Libbey CEO has more than 30 years of experience with companies involved in making consumer products.
He has been president of Master Lock since 2014 and was responsible for all aspects of the Milwaukee-based company’s locks, safes, and other mechanical, electromechanical, and digital security products.
Prior to joining Master Lock, a subsidiary of Fortune Brands Home & Security Inc., Mr. Bauer was president of another Fortune Brands subsidiary, the U.S. business of Moen faucets, sinks, bath accessories, and bath safety products.
Mr. Bauer began his stint at Moen as a corporate controller in 1997 and later was its director of marketing and product development and vice president and general manager of its retail business. He was named Moen’s president in 2011.
Mr. Bauer said he sees “a tremendous opportunity” to build upon the foundational strategy that Mr. Foley, who has been CEO since January, 2016, has put in place over the past few years.
The company had a profit of $10 million in 2016, but it lost $94 million in 2017 and $8 million in 2018 as Libbey has attempted to adapt to changing demographics and customers who use less glassware and also has embraced e-commerce wholeheartedly.
“I look forward to working with the executive leadership team and the board of directors to continue building a strong dynamic and agile organization that's focused on meeting the needs of our end-users, channel partners, and shareholders,” Mr. Bauer said. “The global consumer goods market continues to undergo a transformational shift as changes in consumer preference and channels require fresh ideas and decisive leadership to effectively navigate this environment.”
First Published March 12, 2019, 5:44 p.m.
